Reaction to today’s Spending Review – 25 November 2020

Lucy Winskell, Chair of the North East LEP gave her reaction to today’s Spending Review: 

“Today’s Spending Review has set out the scale of the challenge we face to recover from the economic impact of COVID-19. The Chancellor is expecting to see a decline in economic activity and rise in unemployment with a long-lasting impact for many years.   

“He is therefore right to focus on the recovery of the labour market with support for those who lose their jobs or need to retrain and to focus on the levelling up of the UK economy. We look forward to more details about the Levelling Up Fund and the early stages of the UK Shared Prosperity Fund. We welcome the confirmation of the financial package to support the 10-point plan for a green industrial revolution. The North East has a strong role to play in delivering this plan.  

“The proposed recovery and renewal plan set out by the North East COVID-19 Economic Response Group sets out our plan to address the challenges we face in our region and we will work closely with government to seek the best outcomes for our residents and economy.”